Icon Energy (ICON) Registration filing summary

Company overview and business model

• Incorporated in August 2023 in the Marshall Islands to acquire, own, charter, and operate dry bulk vessels, currently owning one Panamax vessel (M/V Alfa, 77,326 dwt, built 2006).

• Provides global seaborne transportation for major and minor dry bulk cargoes, generating revenue through time and voyage charters.

• Management and technical operations are outsourced to Pavimar Shipping Co., controlled by the Chairwoman/CEO, under a management agreement effective January 2024.

• Plans to expand fleet through disciplined secondhand vessel acquisitions and potentially newbuilds, with a focus on operational efficiency and industry relationships.

Financial performance and metrics

• 2023 revenue was $4.5 million, down from $7.2 million in 2022, due to lower charter rates despite similar operating days.

• Net income for 2023 was $1.2 million, compared to $4.2 million in 2022.

• Cash and cash equivalents as of December 31, 2023, were $2.7 million.

• Daily TCE in 2023 was $11,822, with daily vessel operating expenses at $5,151.

• No outstanding debt as of year-end 2023; working capital deemed sufficient for the next twelve months.

Use of proceeds and capital allocation

• Estimated net proceeds of $4.6 million ($5.5 million if over-allotment is exercised), based on a $5.00/share IPO price.

• Proceeds intended for general corporate purposes, including working capital and fleet expansion; no specific vessel acquisitions identified.

• Management retains significant discretion over allocation of proceeds.